Building on a steady second quarter, the third quarter of 2024 sees the Australian truck market maintaining consistent demand across many segments while adapting to ongoing economic challenges.
The Truck Industry Council (TIC) defines the vehicle categories as follows: Light Duty (LD1) for non-van trucks with a GVM between 3,501kg and 4,500kg, Light Duty (LD2) for non-van trucks with a GVM between 4,501kg and 8,000kg, Medium Duty (MD) for mid-capacity trucks, Heavy Duty (HD) for high-capacity trucks, and Light Duty Vans (LDV) for commercial vans. There is also a Combined Light Duty (CDL) category, which includes all LD1 and LDV vehicles up to a GVM of 4,500kg.
This report is based on monthly sales data released by the Truck Industry Council, and assesses the period from July to September 2024. For a comparison to the previous quarter, read our TIC T-Mark Q2 Sales Summary.
Q2 vs. Q3 2024: Market Trends and Shifts in the Australian Truck Market
In Q3, a total of 12,557 truck units were sold across all categories, bringing the year-to-date sales to 38,255 units by the end of September.
From the second to the third quarter of 2024, the Australian truck market showed signs of balanced growth and sector-specific adjustments as demand held steady across key segments. Q2 was characterised by standout growth in Light Duty Vans (LDV) and stable performances in Heavy Duty (HD) and Medium Duty (MD) trucks.
In Q3, however, the market demonstrated a more even recovery, particularly with Light Duty (LD) trucks showing marked improvement after Q2’s decline. Overall, while Q2 was defined by a few standout growth areas, Q3 saw the market stabilise across multiple categories. This balanced performance indicates a resilient truck industry capable of adapting to shifting market needs, with continued emphasis on light-duty versatility, robust heavy-duty capabilities, and economical urban solutions.
Growth in LDV, Stability in Heavy Duty and Medium Duty Segments
The LDV segment continued to thrive in Q3, building on the record-breaking numbers observed in Q2. This sustained growth reflects the ongoing boom in urban logistics and last-mile delivery, as businesses prioritise compact and fuel-efficient vans that are well-suited for city operations. In parallel, HD and MD segments maintained steady demand, underscoring their importance to Australia’s core freight and infrastructure sectors. The consistent performance in these categories indicates that heavy-duty investments remain essential, even amidst shifting economic conditions.
Growing Competition Within Combined Light Duty
A notable trend from Q2 to Q3 was the growing competition among brands in light-duty categories, particularly within Combined Light Duty (CDL). Fiat’s rising presence in CDL during September reflects a broader shift toward economical options, as businesses seek cost-effective solutions to balance operational demands with budget constraints. This increased competition in the CDL and LD1 segments suggests a strategic response by manufacturers to capture the interest of price-conscious buyers.
Segment Analysis
Persistent Demand in Heavy Duty, with Slight Shifts
The Heavy Duty (HD) segment remained robust, with 4,089 units sold in Q3, sustaining demand from Q2’s levels. Kenworth was the top brand in the Heavy Duty category, recording sales 273 units in July, 327 in August, and 382 in September. Volvo followed with 197 units in July, 188 in August, and 286 in September, while Isuzu maintained a steady third position, selling 167 units in July, 184 in August, and 207 in September. The HD segment’s strong performance highlights ongoing reliance on high-capacity trucks to support critical infrastructure and transport needs.
Steady Medium Duty Sales with Incremental Growth
In the Medium Duty (MD) segment, Q3 sales amounted to 1,988 units. Isuzu led the category with 333 units in July, 318 in August, and 350 in September. Hino maintained its position in second, selling 181 units in July, 181 in August, and 201 in September. Fuso held third place with 75 units in July, 83 in August, and 99 in September. The Medium Duty segment’s stability suggests a consistent need for mid-capacity trucks across diverse industries.
Light Duty (LD): Strong Recovery Boosts Quarterly Sales
Q3 sales in the Light Duty (LD) category totalled 1,686 units, rebounding after a notable downturn in Q2. Isuzu led consistently with 578 units sold in July, 568 units in August, and 540 units in September. FUSO held the second spot with 157 units in July, 143 units in August, and 145 units in September, while HINO followed with 130 units in July, 131 units in August, and 138 units in September. This recovery indicates renewed interest in light-duty trucks among fleet operators, who may be responding to market stability.
LDV: Consistent Growth in Urban Logistics
The Light Duty Van (LDV) segment achieved 2,816 units sold over Q3, building on the record-breaking Q2 growth. Mercedes-Benz led initially, with 250 units in July and 268 in August, before LDV took the lead in September with 245 units. Renault was a strong competitor throughout the quarter, recording 194 units in July, 233 in August, and 138 in September. Strong LDV sales reflect sustained demand for efficient, compact vans well-suited for urban logistics and last-mile delivery.
Light Duty (LD2): Isuzu Leads Steady Demand in Mixed-Use Trucks
Quarterly sales in Light Duty (LD2) totalled 682 units, with Isuzu dominating each month by selling 194 units in July, 211 in August, and 162 in September. Fuso followed, recording 97 units in July, 60 in August, and 47 in September. HINO remained a consistent third with 34 units in July, 39 in August, and 33 in September. Isuzu’s continued lead underscores a preference for adaptable light-duty vehicles suited for mixed-use applications.
Light Duty (LD1): Fiat Gains Ground as Isuzu Maintains Lead
Total Q3 sales in the Light Duty (LD1) segment reached 1,134 units. Isuzu led with 399 units in July, 357 in August, and 378 in September. Fiat gained momentum in September, securing 230 units and 22.4% of market share. HINO consistently held a steady position, selling 96 units in July, 87 in August, and 105 in September. The increased presence of Fiat in September suggests a shift toward more economical options within the light-duty category.
Combined Light Duty (CDL): Competitive Push for Economical Urban Options
In the Combined Light Duty (CDL) segment, encompassing LD1 and LDV vehicles, 5,500 units were sold across Q3. Isuzu led, recording 399 units in July, 357 in August, and 378 in September. Mercedes-Benz was a strong second, with 313 units in July, 302 in August, and 254 in September, while FIAT surged in September, securing 384 units. This level of competition within CDL reflects strong demand for versatile, economical solutions for urban and commercial applications.
Trust Retain Media for Industry-Leading Insights
As we near the end of 2024, we will continue to monitor the TIC’s sales reports and provide an update for Q4 in the new year. Until then, be sure to read our other market reports, including our Q3 Motorcycle Market Brand Consideration Report, Q3 RV Market Brand Consideration Report, Q3 FCAI Sales Summary, and Q3 TMA Sales Summary.
Retain Media provides this data “as is” for informational purposes only and accepts no liability for decisions made based on this reporting. Users are encouraged to use this data as one of multiple data points in their market analysis.
